The medical image analysis software market was valued at $3.9 billion in 2021 and is projected to reach $12.3 billion by 2031, registering a CAGR of 12.2% from 2022 to 2031.
The application of medical image analysis software enables quantitative analysis and visualization of medical images of numerous modalities such as PET, MRI, CT, or microscopy. The applications of enabling both manual and automated analysis of 3D medical images unlocks various opportunities to the benefit of providers and patients. It includes machine learning systems to facilitate early diagnostics for higher cure and survival rates, neural networks for diagnosis validation, research-specific algorithms to find hidden patterns and valuable insights to improve drug development. It may also include the examination of complex imaging types with adverse symptoms segmentation solutions to pinpoint a treatment area and thus minimizing possible damage to healthy tissue during an invasive procedure, applications integrating 3D imaging with virtual reality (VR) devices to enable immersive training of health specialists, patient education, and advanced diagnostics. Integrating advanced technologies into the image interpretation pipeline can help the healthcare sector address challenges associated with large amounts of data. Custom software development of medical image analysis tools is a critical step in this process.
The growth of the medical image analysis software market is driven by increasing incidence of chronic diseases, rise in demand for health care services for the aging population, and continuous developments in the field of imaging technology, such as computer-aided diagnosis (CAD). Moreover, the rise in the geriatric population and growing adoption of ultrasound imaging systems to facilitate faster diagnosis of chronic diseases is expected to notably contribute toward the market growth. Furthermore, the global medical image analysis software market growth is largely driven by factors such as an increase in advancements of medical imaging software which is expected to lead to the growth of the market. Prominent players in the global medical image analysis software market have opted various strategies such as product launch, acquisition, and investments in R&D for advancement in medical image analysis software to strengthen their position in the market and sustain the competitive environment.
A significant increase in awareness about the advantages of medical imaging software products, rise in the usage of software in medical imaging, and surge in the number of patients suffering from diseases are some of the key factors driving the growth of the market. However, the security risks of data stored concerns and high installation cost and maintenance hamper the market growth. Conversely, introduction of Artificial Intelligence (AI) in medical imaging has changed the market dynamics in the forecast period which is expected to provide lucrative opportunities for the growth of the market. Extensive R&D activities in the field of medical imaging along with significant improvement in medical infrastructure are anticipated to open new avenues for the expansion of the market.
The global medical image analysis software market is segmented based on type, modality, imaging type, application, end user, and region. On the basis of type, the market is classified into integrated and standalone. As per modalities, the market is classified into tomography, ultrasound imaging, radiographic imaging, and combined modalities. According to imaging type, the market is classified into 2D imaging, 3D imaging, and 4D imaging. Depending on application, the market is classified into orthopedic, dental, neurology, cardiology, oncology, obstetrics & gynecology, and others. By end user, the market is classified into hospitals, diagnostic centers, ambulatory surgical centers, and others. Region wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major companies profiled in the report include Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, Spacelabs Healthcare, Agfa-Gevaert Group, MIM Software, Inc., Toshiba Medical Systems Corporation, ESAOTE SPA, Merge Healthcare, Inc., and Aquilab SAS.
The application of medical image analysis software enables quantitative analysis and visualization of medical images of numerous modalities such as PET, MRI, CT, or microscopy. The applications of enabling both manual and automated analysis of 3D medical images unlocks various opportunities to the benefit of providers and patients. It includes machine learning systems to facilitate early diagnostics for higher cure and survival rates, neural networks for diagnosis validation, research-specific algorithms to find hidden patterns and valuable insights to improve drug development. It may also include the examination of complex imaging types with adverse symptoms segmentation solutions to pinpoint a treatment area and thus minimizing possible damage to healthy tissue during an invasive procedure, applications integrating 3D imaging with virtual reality (VR) devices to enable immersive training of health specialists, patient education, and advanced diagnostics. Integrating advanced technologies into the image interpretation pipeline can help the healthcare sector address challenges associated with large amounts of data. Custom software development of medical image analysis tools is a critical step in this process.
The growth of the medical image analysis software market is driven by increasing incidence of chronic diseases, rise in demand for health care services for the aging population, and continuous developments in the field of imaging technology, such as computer-aided diagnosis (CAD). Moreover, the rise in the geriatric population and growing adoption of ultrasound imaging systems to facilitate faster diagnosis of chronic diseases is expected to notably contribute toward the market growth. Furthermore, the global medical image analysis software market growth is largely driven by factors such as an increase in advancements of medical imaging software which is expected to lead to the growth of the market. Prominent players in the global medical image analysis software market have opted various strategies such as product launch, acquisition, and investments in R&D for advancement in medical image analysis software to strengthen their position in the market and sustain the competitive environment.
A significant increase in awareness about the advantages of medical imaging software products, rise in the usage of software in medical imaging, and surge in the number of patients suffering from diseases are some of the key factors driving the growth of the market. However, the security risks of data stored concerns and high installation cost and maintenance hamper the market growth. Conversely, introduction of Artificial Intelligence (AI) in medical imaging has changed the market dynamics in the forecast period which is expected to provide lucrative opportunities for the growth of the market. Extensive R&D activities in the field of medical imaging along with significant improvement in medical infrastructure are anticipated to open new avenues for the expansion of the market.
The global medical image analysis software market is segmented based on type, modality, imaging type, application, end user, and region. On the basis of type, the market is classified into integrated and standalone. As per modalities, the market is classified into tomography, ultrasound imaging, radiographic imaging, and combined modalities. According to imaging type, the market is classified into 2D imaging, 3D imaging, and 4D imaging. Depending on application, the market is classified into orthopedic, dental, neurology, cardiology, oncology, obstetrics & gynecology, and others. By end user, the market is classified into hospitals, diagnostic centers, ambulatory surgical centers, and others. Region wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major companies profiled in the report include Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, Spacelabs Healthcare, Agfa-Gevaert Group, MIM Software, Inc., Toshiba Medical Systems Corporation, ESAOTE SPA, Merge Healthcare, Inc., and Aquilab SAS.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical image analysis software market analysis from 2021 to 2031 to identify the prevailing medical image analysis software market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the medical image analysis software market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global medical image analysis software market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Integrated
- Stand-alone
By Modality
- Computed Tomography
- Magnetic Resonance Imaging
- Ultrasound
- Combined Modalities
- Others
By Application
- Orthopedic
- Dental
- Neurology
- Cardiology
- Oncology
- Others
By End User
- Hospitals
- Diagnostic Centers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- IBM Corporation
- CANON MEDICAL SYSTEMS CORPORATION
- Siemens Healthineers
- ESAOTE SPA
- Coexya
- MIM Software, Inc
- Koninklijke Philips N.V.
- GE Healthcare
- Spacelabs Healthcare
- Agfa Healthcare
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MEDICAL IMAGE ANALYSIS SOFTWARE MARKET, BY TYPE
CHAPTER 5: MEDICAL IMAGE ANALYSIS SOFTWARE MARKET, BY MODALITY
CHAPTER 6: MEDICAL IMAGE ANALYSIS SOFTWARE MARKET, BY APPLICATION
CHAPTER 7: MEDICAL IMAGE ANALYSIS SOFTWARE MARKET, BY END USER
CHAPTER 8: MEDICAL IMAGE ANALYSIS SOFTWARE MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Medical Image Analysis Software Market," the medical image analysis software market was valued at $3.9 billion in 2021, and is estimated to reach $12.3 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.Medical image analysis is the process of extracting meaningful information from medical images, often using computational methods. The medical image analysis procedure includes the tasks like visualization and exploration of 2D images and 3D volumes, segmentation, classification, registration, and 3D reconstruction of image data. The images for this analysis can be obtained from medical imaging modalities such as x-ray (2D and 3D), ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), nuclear imaging (PET and SPECT), and microscopy.
Key factors driving the growth of the medical image analysis software market include the rise in the geriatric population and growing adoption of medical imaging systems to facilitate faster diagnosis of chronic diseases. Moreover, increasing incidence of chronic diseases, rise in demand for health care services for the aging population and continuous developments in the field of imaging technology, such as computer-aided diagnosis (CAD) are expected to notably contribute toward the market growth. Furthermore, the global medical image analysis software market growth is largely driven by factors such as an increase in advancements of medical imaging software is expected to surely lead to the growth of the market. Prominent players in the global medical image analysis software market have opted various strategies such as product launch, acquisition, and investments in R&D for advancement in medical image analysis software to strengthen their position in the market and sustain the competitive environment. A significant increase in awareness about the advantages of medical imaging software products and increase in the usage of software in medical imaging and rise in the number of patients suffering from diseases are some of the key factors driving the growth of the market.
However, the security risks of data stored concerns and high installation cost and maintenance hamper restricts the market growth. Conversely, the introduction of Artificial Intelligence (AI) in medical imaging has changed the market dynamics in the forecast period and is expected to provide lucrative opportunities for the growth of the market. Extensive R&D activities in the field of medical imaging along with significant improvement in medical infrastructure are anticipated to open new avenues for the expansion of the market.
The global medical image analysis software market is segmented based on type, modality, application, end user and region. On the basis of type, the market is classified into integrated and standalone. On the basis of modalities, the market is classified into computed tomography, magnetic resonance imaging, ultrasound, combined modalities and others. On the basis of application, the market is classified into orthopedic, dental, neurology, cardiology, oncology and others. On the basis of end user, the market is classified into hospitals, diagnostic centers and others. Region wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The key players profiled in the study include IBM Corporation, Canon Medical Systems Corporation, Siemens Healthineers, ESAOTE SPA, Coexya, MIM Software Inc., Koninklijke Philips N.V., GE Healthcare, Spacelabs Healthcare, Agfa Healthcare. The players in the market have been actively engaged in the adoption various strategies such as acquisition, product launch, partnership, product approval and product development to remain competitive and gain an advantage over the competitors in the market. For instance, in August 2022, Royal Philips announced that U.S. Food and Drug Administration has given the 510 (k) clearance for its Philips SmartCT application software. SmartCT is a key component of Philips Image Guided Therapy System - Azurion - providing interventionalists with CT-like 3D images (Cone Beam CT) to support diagnosis, therapy planning, treatment and follow-up for interventional radiology procedures.
Key Market Insights
- By type, the integrated segment was the highest revenue contributor to the market and is estimated to continue this during the analysis period, with a CAGR of 12.1%. However, the standalone segment is estimated to be the fastest-growing segment with a CAGR of 12.8% during the forecast period.
- By modality, the computed tomography segment was the highest revenue contributor to the market and is estimated to continue this during the analysis period, with a CAGR of 12.1%. However, the magnetic resonance imaging segment is estimated to be the fastest-growing segment with a CAGR of 13.4% during the forecast period.
- By application, the cardiology segment was the highest revenue contributor to the market and is estimated to continue this during the analysis period, with a CAGR of 12.0%. However, the dental segment is estimated to be the fastest-growing segment with a CAGR of 13.4% during the forecast period.
- By end user, the hospitals segment was the highest revenue contributor to the market and is estimated to continue this during the analysis period, with a CAGR of 12.5%. Moreover, the hospitals segment is estimated to be the fastest-growing segment with a CAGR of 12.5% during the forecast period.
- Based on region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 13.5% during the forecast period.
Companies Mentioned
- IBM Corporation
- CANON MEDICAL SYSTEMS CORPORATION
- Siemens Healthineers
- ESAOTE SPA
- Coexya
- MIM Software, Inc
- Koninklijke Philips N.V.
- GE Healthcare
- Spacelabs Healthcare
- Agfa Healthcare
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 220 |
| Published | February 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 3.9 billion |
| Forecasted Market Value ( USD | $ 12.3 billion |
| Compound Annual Growth Rate | 12.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
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